Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Vandana Singh

BTIG Upgraded Staar Surgical Stock - Read Why

  • BTIG upgraded Implantable lenses-focused Staar Surgical Company (NASDAQ:STAA) to Buy from Neutral with a $98 price target. 
  • Analyst Ryan Zimmerman believes that the Company's fundamentals will likely improve in 2H of 2022 as U.S. physicians appear more apt to try EVO upon clearance than in his previous channel checks as Staar prepares for launch. 
  • After accounting for Staar's current U.S. customer base, Zimmerman sees the Company hit Street expectations in the U.S. without much increase in physicians.
  • In the U.S., submission of clinical data for STAAR's EVO family of myopia lenses remains under customary interactive FDA review.
  • Q4 sales increased 28% Y/Y to $59 million, driven by ICL sales and unit growth of 33% and 36%, respectively.
  • Staar held cash and cash equivalents of $199.7 million.
  • The Company reaffirmed FY22 sales outlook of approximately $295 million, subject to no unforeseen incremental impact from Covid, representing 28% growth Y/Y.
  • Price Action: STAA shares are up 7.90% at $75.25 during the market session on the last check Friday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.